Local

PLYMOUTH -- The Town Council on Tuesday settled an assessment appeal lawsuit filed in June by Iseli Screw Co., which owns an abandoned factory on Graystone Road Extension.

The Wisconsin based precision machining company which left town in 2009, but still owns 10 Greystone Road Extension, challenged the Oct. 1, 2011 grand list assessment of $2,376,100 on a 70,000-square-foot building.

The local Board of Assessment Appeals, on first appeal, lowered the value to $2,019,000, but the company sued the town saying that the property value “remained excessive, disproportionate and unlawful.”

The court settlement reduced the value further to $929,770 of which for tax purposes 70 percent of value is counted leaving an assessment of $650,839.

David J. Bertnagel said the reduced assessment means a $35,456 reduction in annual real estate taxes the town will collect. In 2010 the company paid $63,210 in property taxes on the building. The Tax Collector's online records now show Iseli in 2011 paid $24,662 and they are owed $1,947, which according to the suit will be applied to next year's taxes.

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